That's actually an elegant solution that I would support, although not making mid-season roster changes.
Here's a formal proposal: Those owners with players that have 09-10 seasons can decide whether to put the players back into the draft pool and have their careers restart, or place them on "virtual IR" to be reactivated the first UPL offseason that WIS makes the 09-10 player seasons available.
That way, owners awaiting an 09-10 gem from a player like Durant, Lebron or whomever will get to do so eventually, and league play doesn't need to be held up any longer than the end of July.